Financial Times

Richard Batty, investment director of strategy at Standard Life Investments, said: “This shows Portugal has a lot of problems. Portugal cannot go on paying higher and higher yields. It is not sustainable and makes it much harder for the country to reduce its budget deficit. Investors are only willing to take a chance on Portugal for very high returns.”

Gary Jenkins, head of fixed income at Evolution, said: “In a way the auction has been a success as the Portuguese have raised the money, but they are only able to do so at a very high cost and only because investors know that the European Central Bank is there to support the markets if necessary.”

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